Orion reports second quarter 2023 results

Orion Group Holdings, Inc. yesterday reported its financial results for the second quarter ended June 30, 2023.

“Our second quarter performance was a significant improvement over our first quarter results and reflected the progress our team is making in executing our strategy to achieve long-term growth and value creation,” said Travis Boone, Chief Executive Officer of Orion Group Holdings.

“Nine months ago, we began our journey to turn Orion around. We started with a long checklist and have ticked off many of the boxes – all focused on de-risking the business to clear the path for long-term growth and profitability. After two years of reporting losses, our Concrete business turned profitable in the month of March and continues to generate profit each month.”

“We have attracted great talent to focus on business development and drive growth. And perhaps most critical, we shored up our balance sheet and liquidity, securing a new $103 million ABL credit facility and providing $25 million in liquidity through sale-leaseback transactions.”

“Looking ahead, we are optimistic that we will see continued improvement for the rest of this year and beyond.”

Highlights for the quarter ended June 30, 2023:

• Contract revenues of $182.5 million increased 14.7% sequentially,
• Net loss was $0.3 million or $0.01 per diluted share,
• Adjusted EBITDA was $3.7 million,
• Concrete segment returned to profitability during the second quarter,
• Marine awarded two dredging contracts totaling $45 million from the Army Corps of Engineers,
• Backlog and awarded contracts totaled $903 million at quarter end.